Company lets customers lease vehicles, skip the downpayment

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If you’re looking at getting a car for 2013, should you buy or lease? How about another option—like buying out someone else’s lease and saving the down payment?

Listen to this lease deal David Byard of Indianapolis got on a BMW that’s about a year old.

“It’s a BMW 328xi for about $450 a month. And at the end of the remaining two years of the lease, I have the right to buy it for $25,000.”

Normally the lease would be closer to $600 a month, not the $450 he’s paying. But David didn’t get a normal lease. He took over someone else’s using Swapalease.com. It’s the largest lease assumption program in the U.S.—and most people don’t even know about.

“In fact, all of the vehicles I’ve ever looked at on there are newer vehicles that are under warranty, so it takes some of that concern on acquiring someone else’s car out of the equation because it’s actually an under warranty vehicle. If there’s a problem, you just take it back to the manufacturer,” David said.

Swapalease is based out of Cincinnati, but they have a growing number of customers in Central Indiana. The company told Fox59 that sellers like because it’ll get them out of a lease they may no longer want or can’t afford.

“And on the buying side of the equation, people really like the fact that it’s a short-term commitment, as well as there is little or no money down in most cases,” said Scott Hall, Swapalease’s vice president of operations.

There is a fee. Sellers pay about $100, which is far less than most penalty payments for ending a lease early. Buyers pay roughly $50. Keep in mind that buyers skip that typical down payment—it was already shelled out by the first person to lease it. Those down payments can be in the thousands of dollars.

“This car had two years remaining on it. It had 33,000 miles left under the lease. It was a fully-loaded vehicle. And the seller was offering to cut a check to somebody who was willing to assume that vehicle from him,” David told Fox59.

That’s right…the owner paid him $1,500 extra to take over the lease. It’s the second time David has used the service.

“Swapalease has a great selection of vehicles to meet anybody’s needs…anything from sports cars to an SUV to a family sedan,” Hall said.

Owners like David say you can easily narrow down exactly what kind of vehicle you’re looking for and where you want to find it.

“They have a full range of what you’re looking for, types of vehicles, mileage, those things. I always start with the geography because it’s easier to assume a lease and view a vehicle that’s local.”

He found his vehicle in Noblesville, just five miles from his house. One thing to note, buyers still have to qualify to take over the lease by the original leasing company.

8 comments

Laura Brown

This company is not worth your money! I hate saying it, but they are a scam! AND yes there are probably success stories but its rare. They treated me horribly after they took my money! They charge you way too much. Strongly recommend to stay away from this company. There are several scam reports about them as well.

Rick C

There are numerous number of cars in the world and different users are also present. But it is not possible for every user to buy completely a new car. These cars are not affordable in comparison to other cars. So some people take the car on lease for some period. And it is good news for the people that the companies to decrease the amount of down payment which will further reduce the amount of the car. It is good step taken by the company

Keith Bush

all I can say is that swap a lease did what they say they would do got me to a seller and the deal went very smooth I got the transaction done in less than a month ! I would definitely recommend them and would not hesitate to use them again !!!

Linda Danheiser

Our Swap-A-Lease transaction took less than a month! We are in Ca. and our lease was taken over by someone in N.J. The transaction took less than a month w/no snags. Would highly recommend them: they do exactly what is advertised. Saved us after my husband lost his job.

John K

There are two components to this and I have done both. I had someone take over my Leased Mercedes ML350 with monthly note of $807.00. I had to offer incentives and ended up paying several months of the lease up front to get them to take it over. On the other hand I am in the process of taking over someone else's lease and they are paying an incentive to me of approximately the same value.

If you know what you are getting into Swap A Lease is not bad, but neither are they car salesmen for you. What they really are is a Website that people can advertise their leased cars to swap. They do offer some information about leasing, but in reality the sale is up to you. You put your car and photos and incentives you want to offer and wait for the call. If you've got a bad deal, you won't sell and it's not Swap A Lease's fault. Sometimes people are upside down on their cars worth and they want someone to blame. Are there prices too high? To me it's a case of willing seller and willing buyer. I wanted to put my car on the site and they sold me a package for $300.00. They offered a cheaper package and one of about $1000.00 where they promised to "Feature" the car. Whether that works or not, I don't know. I think if people are just browsing, then maybe, but if someone is looking for a specific car like I was, then it really makes no difference. Once the two people come together, then Swap a Lease is out of it.

Edrick Dillard

I agree with Laura. Swapalease is a scam they advertise cars on their website that are either no longer available or you cannot assume the lease on. I called 2 different listings and the Owners all said SOLD. I then called on a Honda listed and found out from American Honda Finance that they do not even allow lease transfers! That was after I spoke to a Swapalease sales rep who told me everything I wanted to hear basically so that I would pay their "enrollment fee". Also you cannot assume leases through Chase Auto Finance as well. I am sure there are others. What a load of shit Swapalease collected my money and now won't even return my calls requesting the "enrollment fee" back. Beware, I also started receiving unsolicited mail after filling out there application and providing my personal information which shows they are probably selling my personal information to 3rd parties. Stay away they should rename the company Swapascam!